REA warns of slow­down

Townsville Bulletin - - NEWS -

REV­ENUE in REA Group’s Aus­tralian arm has soared de­spite a slow­down in the hous­ing mar­ket but the on­line real- es­tate ad­ver­tiser has warned it ex­pects con­di­tions to fur­ther de­cline in 2018.

Shares in REA fell about 6 per cent yes­ter­day af­ter the com­pany re­ported a 19 per cent slip in full- year net profit to $ 206.3 mil­lion, fol­low­ing a $ 182.8 mil­lion write­down of its Asian busi­ness.

Rev­enue for the year to June 30 rose 16 per cent to $ 671.2 mil­lion, driven by a 14 per cent climb in rev­enue for its Aus­tralian di­vi­sion – which in­cludes realestate. com. au, re­al­com­mer­cial. com. au and Flat­mates. com. au. Chief ex­ec­u­tive Tracey Fel­lows said REA was a clear mar­ket leader in Aus­tralia. COM­MON­WEALTH Bank is be­ing in­ves­ti­gated by the cor­po­rate watch­dog over how it re­sponded to al­le­ga­tions it had vi­o­lated money laun­der­ing and ter­ror­ism fi­nanc­ing laws and breached the Cor­po­ra­tions Act.

Aus­tralian Se­cu­ri­ties and In­vest­ments Com­mis­sion chair­man Greg Med­craft told a par­lia­men­tary com­mit­tee yes­ter­day that ASIC was look­ing at is­sues in­clud­ing whether CBA com­plied with its du­ties un­der the Cor­po­ra­tions Act and whether it had met con­tin­u­ous dis­clo­sure obli­ga­tions.

Mr Med­craft said Aus­tralia’s largest bank should have alerted ASIC in 2015 when it first learnt of a prob­lem in its cash de­posit ma­chines that led to the money laun­der­ing case.

He slammed what he said was an in­dus­try- wide cul­ture of si­lence.

OP­POR­TU­NI­TIES: Austrade Sin­ga­pore se­nior trade com­mis­sioner David Camp­bell, Aus­tralian High Com­mis­sioner to Sin­ga­pore Bruce Gosper and AustCham Sin­ga­pore pres­i­dent Ian Cum­min were in Townsville yes­ter­day to speak about strength­en­ing the city’s ties to Sou

Newspapers in English

Newspapers from Australia

© PressReader. All rights reserved.